Swiss Re reported a net profit of 1.3 billion dollars for the first quarter of 2025, up from 1.1. billion dollars in the same period last year. According to the figures published on Friday, all business semgments contributed to the result – despite significant losses from natural disasters, including wildfires in Los Angeles.

Insurance sales amounted to 10.4 billion dollars (previous year: 11.7 billion dollars). The decline is mainly due to one-off effects in connection with the transition to IFRS, the termination of an external reinsurance agreement in L&H Re and unfavorable currency effects, according to the press release.

The underwriting result totaled to 1.3 billion dollars, slightly down from 1.4 billion dollars in the previous year.

Robust Development in Corporate Solutions

The property and casualty reinsurance segment (P&C Re) reported a profit of 527 million dollars, marginally lower than the 555 million dollars a year earlier, with a combined ratio of 86.0 percent. The April renewal round brought an average price increase of 1.5 percent with simultaneously tightened claims assumptions (+3.7 percent).

Corporate Solutions raised its profit to 208 million dollars, up from 195 million dollars a year earlier, despite substantial charges from major claims. The combined ratio was 88.4  percent, well within the target of less than 91 percent. Insurance sales remained stable at 1.8 billion dollars.

Man-made major losses amounted to 147 million dollars, while natural catastrophe losses totaled 60 million dollars, including the forest fires in Los Angeles and Cyclone Alfred in Australia.

Much Confidence for 2025

Profit in life and health reinsurance (L&H Re) rose to 439 million dollars, up from 412 million dollars in the previous year. Insurance sales fell from 4.8 billion dollars in the previous year to 4.1 billion dollars in the first quarter of 2025. According to Swiss Re, this is due to the discontinuation of a reinsurance agreement and one-off effects from the IFRS transition in the previous year.

L&H Re is targeting  a net profit of 1.6 billion dollars for 2025. 

Swiss Re confirmed the planned withdrawal from iptiQ. The American business was sold in April and the sale of the activities in Australia has been announced.

CEO Andreas Berger is confident: «Despite challenging conditions, we had a strong start to the year thanks to disciplined execution, and we are on track to achieve our full-year targets.»